Bill Gross Leaves Pimco to Join Janus

The New York Times reports:

William H. Gross, who built Pimco into one of the largest money managers in the world and has been called “the bond king,” has quit the firm he founded and will join Janus Capital.

The surprising departure comes after months of questions about his leadership style and his funds’ performance as investors pulled money out of Pimco. In addition, the Securities and Exchange Commission has begun an inquiry into whether a $3.6 billion exchange traded fund actively managed by Mr. Gross inflated its performance numbers.

Mr. Gross, 70, turned in his resignation to Pimco and the firm’s parent company, Allianz, this morning, said a person briefed on the matter but not authorized to talk publicly. Mr. Gross is on his way to Denver, where Janus is based, to meet with executives at his new firm.

The bond king in the news.